BoS figures show low Inverness house price growth but local experts say prices healthy in buoyant market
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FIGURES from the Bank of Scotland (BoS) show that Inverness was fourth from bottom of the Scottish house price growth table, a figure that has surprised some of those watching the housing market.
Motherwell is Scotland’s 2021 house price “winner”, seeing a rise of 17.3 per cent, according to the latest data from BoS.
On average, house prices across Scotland rose by 8.8 per cent over the past year, more than the UK average of 6.2 per cent.
The average Scottish home now costs £207,778, an increase of £16,761 on 2020’s figure of £191,017.
However BoS says Inverness saw growth of only 1.6 per cent, with only Kirkcaldy (1.1 per cent), Coatbridge (minus 2.3 per cent) and Airdrie (minus 3.8 per cent) behind the Highland capital.
According to the BoS the average house price in Inverness in 2020 was £195,534, compared with £198,672, a difference of £3137.
An Inverness housing market insider said the figures he had seen certainly did not match the bank’s report.
He said: “It’s easy to show a large difference if you start at a low point. Inverness market is very buoyant and prices are healthy. House prices are only what customers will pay.”
He added his figures showed that in 2020 the sale price was higher, but the difference between asking and sales price was lower.
But in 2021, the sales price was lower, with the gap between asking and sales higher.
The most expensive place to buy in Scotland remains Edinburgh.
The nation’s capital now has an average house price of £293,406, up £19,160 (plus seven per cent) on last year according to BoS.
Overall, it has been a positive year for homeowners in Scotland hoping to see the value of their property rise, with more areas seeing higher rates of growth and fewer seeing falls.
Graham Blair, mortgages director with BoS, said: “Scottish house prices have enjoyed another bumper year, with growth outperforming the UK average and properties in almost every town now worth more than 12 months ago.
“The feedback we’re getting from customers matches what we see in the data.
“Prolonged working from home has influenced where people want to live and the type of property they want to own.
“So while our major cities continue to be attractive, with commuting now less of a priority, areas that offer more space and better affordability have experienced increasing demand from buyers.”
Towns near key cities experienced the biggest rises in house prices.
